BUDGET WRAP | 'Boring but responsible' - finance minister gets thumbs-up from economists | Fin24

The minister is now nearing the end of his speech. Before he ends, he touches on a"fundamental restructuring of the retirement systemfor individuals" to allow for what he calls"greater preservation and partial access to funds". "Consultations are proceeding following the release of a discussion paper last year and the draft legislation on these amendments will be published for comment in the middleof the year.

"However, in line with our commitments at COP26, the carbon tax rate will be progressively increased every year to reach $20 per tonne."Excise duties on alcohol and tobacco will"unfortunately" increase by between 4.5 and 6.5 percent, says Godongwana. MPs chuckle as the minister notes the increases. The personal income tax brackets and rebates will be adjusted by 4.5 percent, says the minister."This will provide tax relief of R3.5 billion to South Africans.

"We must take bold steps to improve state capability and reduce thescope for procurement corruption," he says. "We stand ready to work with Parliament and all oversight bodies to hold municipalities accountable for delivering these services." "In this Budget an additional R18.4 billion is made available for the Presidential Employment Initiative," he says. "To support businesses in distress owing to the Covid-19 pandemic, a new businessbounce-back scheme will be launched, using two mechanisms which will be introduced sequentially," says the minister.

"We acknowledge, however, that Eskom is faced with a large amount of debt that remains a challenge to service without assistance." Godongwana says the future of state entities will be informed by the"value they create and whether they can be run assustainable entities without bailouts from the fiscus"."The consolidated budget deficit is projected to narrow from 5.7 per cent of GDP in2021/22, to 4.2 per cent of GDP by 2024/25," he says."We now expect to realise a primary fiscal surplus – where revenue exceeds noninterestexpenditure – by 2023/24."The minister says government debt has reached R4.

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